Air New Zealand has announced earnings before taxation for the 2017 financial year of $527 million, compared to $663 million in the prior year – the second highest result in the airline’s history.

Net profit after taxation was $382 million. Chairman Tony Carter praised the strong result, acknowledging the airline’s staff for their continued focus on driving profitable network growth during a period of significant new competition.

Qantas shares have risen today after the company reported the second highest profit in its 97 ­year history.

Its domestic operations reported record earnings and international competition eased in the second half. The airline announced underlying profit for the 12 months to June 30 at A$1.4bn, down 8.6 per cent from the record profit reported a year earlier. This was in line with analysts’ estimates of A$1.39bn.

The company’s domestic Qantas and Jetstar operations reported record underlying earnings before interest and tax at $865m.

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